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Bet365: UK’s Best-paid Boss Hits ₤ 323m Jackpot

Bet365: UK’s best-paid boss hits ₤ 323m prize

Bet365 employer Denise Coates has received a ₤ 323m payday, verifying her position as the UK’s best paid executive.

The co-founder of the online gaming firm was paid a ₤ 277m salary plus dividends as the popularity of online gambling continues to grow.

The firm’s accounts, external show that in the year to end-March her wage rose from ₤ 220m on the previous duration.

But the rise comes as the yohaig code market dealt with mounting criticism, including over kids gambling.

Gambling: Just how much do we spend in the UK?

The privately held company is owned collectively by Ms Coates and members of her direct household, including her brother John, who is joint president, and her dad Peter, the company’s chairman.

Ms Coates made a first-class degree in econometrics – the application of analytical methods to economic data – from Sheffield University before signing up with the High Street betting firm, run by her dad.

She recognized the potential of online gambling in 2000 and bought the domain Bet365.com so that she might drive the family business in that direction.

Bet365 earned a profit before tax of ₤ 791m in the yohaig code year, compared to ₤ 661m the year before.

The dividends of ₤ 92.5 m, half of which are believed to have gone to Ms Coates, as the owner of about half of Bet365’s shares.

The group of firms owns Stoke City Football Club, that made a loss of ₤ 8.7 m in the year.

The High Pay Centre, a think tank which monitors income, stated the timing of the release of the Bet365 results looked “cynical”, provided it was just after a basic election.

High Pay Centre executive director Luke Hildyard said: “this promotion code appears like negative timing, slipped out directly after a basic election project where excess wealth, taxes on the abundant and the vast space in between those on top and everyone else have actually been essential problems.”

He included: “Business success should be incentivised and rewarded, however a payment a fraction of this size would still pay for a way of life beyond the wildest dreams of the majority of people.”

Mr Hildyard stated there was “plainly scope” for those accumulating such sums to pay their employees more or contribute more in taxes.

Child betting

In October, Cardiff University research study suggested that two-fifths of 11 to 16-year-olds had bet in the previous year.

The study said this was “especially concerning, considered that across the UK, many kinds of business gaming are only legal for those aged 18 and over”.

Fruit makers were the most popular form of gambling, followed by playing cards for cash with good friends and scratchcards.

Dr Graham Moore of the Centre for the Development and Evaluation of Complex Interventions for Public Health Improvement said at the time: “The evidence shows that individuals who bet previously in life are most likely to end up being issue gamblers in adulthood.”

However, a Gambling Commission study in October, external suggested that 11% of children had gambled within a week of the survey being carried out.

But in addition, the regulator alerted in July, external of research that indicated links between “issue betting and self-destructive ideas or efforts”.

Bet365 states it has “a steadfast commitment to provide industry-leading approaches to gamer defense”, consisting of monitoring customer gambling, and states it will “terminate the [customer] relationship if it feels the risk of harm is expensive”.

Just how much should bosses be paid?

Child betting a ‘growing problem’ – study

15 October 2019